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It wasn't exactly a banner day for the company's favored crypto.
Where its price goes, Canaan's often follows.
2025 has been a year full of very bullish trading days for certain cryptocurrencies. Alas, for crypto miner and mining equipment purveyor Canaan (NASDAQ: CAN), Thursday wasn't one of them. The coin the company produces fell below what's usually termed a "psychologically important level," and its stock followed suit. Canaan's share price headed sharply south to close the day 10% lower.
That coin is none other than the flag bearer for all cryptocurrencies, Bitcoin. On Thursday, bearish investors sold out of it, to the point where its price dipped below $100,000 for the first time in nearly four months.
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Image source: Getty Images.
What goes up must come down, as we all know, and it seems Bitcoin's strong performance through much of this year can't be sustained with growing concern about the economy now. Among other factors, the aftermath of the federal government shutdown will have a negative impact, not least because it's likely to reduce the chances of a Federal Reserve (Fed) rate cut in the coming weeks.
Rate cuts are seen as favorable to cryptos, as they tend to increase the attractiveness of assets considered risky -- like digital coins and tokens.
Compounding that, in recent months, companies involved in -- or associated with data centers and their buildouts to accommodate the needs of artificial intelligence (AI) -- have also risen precipitously. More investors are worrying that this, too, is unsustainable. Unfortunately, Canaan is at the intersection of the AI/data center/cryptocurrency roads, so it's no wonder the market was down on it Thursday.
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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
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